Bitcoin Halving Inches Closer With Less Than 2,900 Blocks Left
01 Abril 2024 - 3:00PM
NEWSBTC
The Bitcoin Halving is fast approaching, with less than 2,900
blocks left before miners’ rewards are cut in half. This event,
projected to take place sometime in April, is significant as
Bitcoin’s price could enjoy a parabolic move to the upside after it
takes place. Bitcoin Halving Set For April 19 Data from
Coinwarz shows that the Bitcoin Halving is set to take place on
April 19 at Block 840,000. This projection is based on Bitcoin’s
current block time average, which means the Halving can come a
little earlier or sometime after April 19. However, the main focus
remains that miners’ supply will be cut in half. Related
Reading: Dogecoin Price Breaks New 3-Year High – Here Are Factors
That Could Drive The Price To $1 The Halving event is a
deflationary measure that Bitcoin’s founder, Satoshi Nakamoto,
encoded in the flagship crypto and takes place after every 210,000
blocks. Three halving events have occurred since the Genesis block
in 2009, when Bitcoin’s first block was mined. The first was on
November 28, 2012, when miners’ rewards were cut from 50 BTC to 25
BTC. The next Halving event took place on July 9, 2016, cutting
miners’ rewards to 12.5 BTC. The third one happened on May 11,
2020, reducing the reward to 6.25 BTC. Now, Miners’ rewards are set
to be cut in half again, reducing them to 3.125 BTC. This reward is
the amount of BTC miners receive for validating each block of new
transactions on the blockchain. Although this event mainly affects
miners, the crypto community closely monitors it due to the ripple
effects it could have on the market. Bitcoin’s supply comes through
these miners’ rewards, and a reduction in them usually drives
Bitcoin’s value higher. Bitcoin’s Performance After Each
Halving The Halving has historically always led to a price
appreciation for Bitcoin. Ninety days after the first Halving on
November 28, 2012, Bitcoin’s price increased to $1,000 from $12 at
the time of Halving. Subsequently, Bitcoin’s price saw a gain of
over 8,000% one year after that Halving. Source: MilkRoad
This parabolic price surge also occurred after the second and third
Halving events, with Bitcoin’s price rising from $650 and $8,821
(at the time of the Halving) to $2,506 and $56,612 (90 days after
the Halving) in 2016 and 2020 respectively. Bitcoin also gained
284% and 559% one year after the event. Related Reading:
Panel Of Experts Reveal When The Cardano Price Will Reach $3 This
time isn’t expected to be different as Bitcoin is again predicted
to experience a massive move to the upside after April. This
bullish sentiment is further strengthened by Bitcoin’s demand,
which has continued to skyrocket in the face of a dwindling
supply. At the time of writing, Bitcoin is trading at around
$70,400, up in the last 24 hours according to data from
CoinMarketCap. BTC price struggles ahead of halving | Source:
BTCUSD on Tradingview.com Featured image from 99Bitcoins, chart
from Tradingview.com
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